Reports in Chile have linked United with a move for the former Barcelona attacker, who is regarded as one of the outstanding players in the Premier League.

United have held a lengthy interested in Sanchez and were one of the clubs pursuing him in the summer of 2014 before he signed for Arsenal.

However, Sanchez is regarded by Arsenal as their prize asset and the club believe he is now worth more than double the £32million fee it cost to recruit him from Camp Nou

The wide forward had an outstanding debut season at Emirates Stadium and, following a sluggish start to the new campaign, has seven goals this season, including a crucial double in the Gunners’ landmark 3-0 win over United last month.

Privately, Arsenal are adamant that Sanchez would not be sold for less than the €100million that Real spent on Gareth Bale in the summer of 2013.

Red hot: Alexis Sanchez has recaptured his brilliant form of last seasom

At the exchange rates of the time, Tottenham recouped £86million for Bale but an equivalent fee would now net £70.5million, making it a less palatable fee for a British selling club.

Sanchez has moved to pour cold water on any potential transfer by revealing how content he is in north London.

“I’m very happy at Arsenal. I don’t think about leaving,” he said recently. “I always want to be the best at everything I do. I’m never happy with what I do, I always want to give more.”